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Let me make it clear about Council to consider ordinance Lubbock that is regulating payday

Sunday, February 7th, 2021

Let me make it clear about Council to consider ordinance Lubbock that is regulating payday

Wednesday

Lubbock City Councilman Juan Chadis is hoping Lubbock joins the almost 40 towns and cities in Texas wanting to control payday loan providers.

During the council conference Thursday, Chadis will introduce an ordinance that is standardized by the Texas Municipal League to lessen exactly just just what it calls the “abusive and predatory financing methods” of short-term loan providers referred to as payday or car name loan providers. The payday ordinance will must be authorized on two split readings.

The ordinance has got the support of the few neighborhood businesses including, the western Texas Organizing Strategy plus the Lubbock County Democratic Party, however in a work session early in the day this thirty days where in actuality the council talked about the ordinance, town leaders and a couple of company representatives raised issues on how it will be enforced of course it is the town’s duty to modify the industry.

Some through the industry additionally argued the ordinance will simply discipline the firms that obey the brand new guidelines or do not go beyond your town, or that clients usually takes their company to online lenders.

Chadis is dancing with all the ordinance and claims it is arranged to simply help the residents who’re many susceptible.

Wednesday”The ordinance will be read and we’ll see which road it takes – hopefully it will be successful,” Chadis said. “I been educating pop over here myself – stats and figures – and it is sufficient to produce someone get actually, actually mad about this. (more…)